Valid w.e.f 16.09.2009 to 31.03.2010
Interest Rates

Following are the salient features of the scheme:

1. Rate of Interest (ROI) referred above shall remain fixed for the first 5 years.
2. The ROI shall be reset at the end of the fifth year. The reset shall be with reference to the PLR then prevailing; subject to floor rate stated above which will remain unchanged throughout the currency of the loan.
3. On the reset date at the end of the fifth year (w.e.f. 1st day of the 6th year onwards). The rate to be reckoned for setting EMI for loan upto Rs. 30.00 lakhs shall be BPLR-2.50% or 9.75% p.a; whichever is higher. Similarly the ROI applicable for Loan above Rs. 30.00 lakhs shall be BPLR-2.25% or 10.00% whichever is higher.

Other pertinent points of the scheme are as follows,

• Margin            :           25% on Cost of House to be financed.

• Prepayment Penalty:

For closure of Loan Account repaid out of own source without market borrowings, no prepayment penalty is to be charged. However, in case of takeover of housing finance by other Banks/FIs/NBFCs prepayment penalty at 2% flat on outstanding balance to be charged and recovered before issuing “No Dues Certificate” and releasing the charge/title documents etc..

• Processing Fees: